Banque Pictet & Cie SA Sells 5,000 Shares of Corning Incorporated (NYSE:GLW)

Banque Pictet & Cie SA decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,000 shares of the electronics maker's stock after selling 5,000 shares during the period. Banque Pictet & Cie SA's holdings in Corning were worth $3,564,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Swedbank AB lifted its holdings in shares of Corning by 60.2% during the third quarter. Swedbank AB now owns 38,314 shares of the electronics maker's stock worth $1,730,000 after buying an additional 14,403 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in Corning during the 3rd quarter valued at $214,000. Good Life Advisors LLC boosted its holdings in Corning by 19.0% in the 3rd quarter. Good Life Advisors LLC now owns 11,314 shares of the electronics maker's stock valued at $511,000 after purchasing an additional 1,804 shares during the period. Bleakley Financial Group LLC boosted its holdings in Corning by 10.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 12,316 shares of the electronics maker's stock valued at $556,000 after purchasing an additional 1,130 shares during the period. Finally, Vista Investment Partners LLC acquired a new stake in Corning in the 3rd quarter worth $474,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,085 shares of company stock worth $2,345,436. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on GLW. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Oppenheimer restated an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Citigroup increased their target price on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average target price of $53.00.

Corning Trading Up 0.5 %

GLW stock traded up $0.27 during midday trading on Tuesday, reaching $52.81. The stock had a trading volume of 3,404,306 shares, compared to its average volume of 5,642,144. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The firm has a market cap of $45.22 billion, a price-to-earnings ratio of 91.06, a PEG ratio of 1.55 and a beta of 1.03. The business has a fifty day simple moving average of $49.60 and a two-hundred day simple moving average of $46.39.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.12%. Corning's dividend payout ratio (DPR) is presently 193.11%.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.